TUCSON, Ariz., Jan. 15, 2004 (PRIMEZONE) -- Renegade Venture (NEV.) Corporation (OTCBB:RDVN) today announced that its wholly owned subsidiary, Hamilton Aerospace Technologies, has signed a contract with a new customer, Aero Micronesia, Inc., dba Asia Pacific Airlines, a Guam-based U.S. Part 121 carrier. This contract involves the conversion of a passenger B727-223 into cargo configuration, "C1" and "C2" heavy maintenance checks, paint, and compliance with certain Airworthiness Directives and corrosion prevention and control program tasks. The value of this modification and maintenance contract will be at least $1,250,000. The completed aircraft is scheduled to be delivered on April 15, 2004.
John Sawyer, Renegade and Hamilton Aerospace President, stated, "We are delighted to sign this contract with a successful and growing company such as Asia Pacific. Not only does this agreement allow Hamilton Aerospace to expand our aircraft modification activities, it also marks our entrance into the important Pacific Rim market. Asia Pacific epitomizes the ideal type of customer for Hamilton Aerospace in that it is a growing fleet operator of narrow body jet aircraft with whom we can reasonably expect to build a long-term relationship that will include future work contracts."
Mike Quinn, President of Asia Pacific Airlines, said, "The acquisition of this latest cargo converted B727 aircraft is an important element of Asia Pacific Airlines' business plan for 2004 and beyond. After considering a number of options, we determined that Hamilton Aerospace was best qualified to perform this complex contract on-schedule and on-budget based on that company's unique combination of experience, skilled personnel, and commitment to customer satisfaction."
About Renegade Venture
Through its Hamilton Aerospace subsidiary, Renegade provides maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace holds a Federal Aviation Administration (FAA) Part 145 Air Agency Certificate, which allows it to perform such services. Hamilton operates from facilities comprising about 21 acres located at Tucson International Airport. These facilities include hangars, workshops and other buildings. Notable Hamilton customers include Jetran International, United Parcel Service, a Boeing Company joint venture, Goodrich Corporation, DHL Worldwide Express, Pegasus Aviation, Ryan International Air, Space World and Falcon Air Express.
Renegade's member website is located at www.renegadeventurecorp.com. The Hamilton Aerospace website is located at www.hamaerotech.com.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the airline industry, demand for Hamilton Aerospace's services, competitive pricing pressures, and the availability of necessary financing. In addition, other risks are detailed in Renegade's Form 10-KSB filed on April 15, 2003. These statements speak only as of above date, and Renegade disclaims any intent or obligation to update them.